Goodrich Petroleum reported annual year 2010 results; Production up 13% over 2009; Plans to invest $235 million in 2011 with 62% of CAPEX allocated to Eagle Ford Shale Trend

Goodrich reported 13% increase in 2010 production over the last year to 8.9 bcf, or an average of 97,100 Mcfepd. Production from the Haynesville Shale comprised 51% of 2010 production for the year. Oil production increased approximately 4% of total production on an Mcfe basis.

Production volumes in 2011, after factoring in the recent divestiture of Cotton Valley Taylor Sand, are now expected to grow by 10 - 20%. Oil volumes are expected to grow in excess of 400% over 2010, comprise 12 - 17% of total volumes, and exit the year in excess of 3,000 barrels per day.

Keypoints:
2010 year-end reserves up 10% to 464 Bcfe compared to 2009. Production up 13% Year-Over-Year to an average of 97,100 Mcfepd.

2011 budget of $235 million with 62% of capex allocated to Eagle Ford Shale trend